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The Psychology of Money: Timeless lessons on wealth, greed, and happiness Paperback – Sept. 8 2020

by Morgan Housel (Author)

4.7 79,255 ratings

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**OVER 5 MILLION COPIES SOLD AROUND THE WORLD… The Psychology of Money is the original bestselling classic from the author of the new book, Same as Ever.**

Doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is hard to teach, even to really smart people.

Money―investing, personal finance, and business decisions―is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together.

In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the different ways people think about money and teaches you how to make better sense of one of life’s most important topics.

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Print length

256 pages
Language

English
Publisher

Harriman House
Publication date

Sept. 8 2020
Dimensions

14.1 x 1.91 x 21.46 cm
ISBN-10

0857197681
ISBN-13

978-0857197689
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Popular Highlights in this book

What are Popular Highlights?

There is no reason to risk what you have and need for what you don’t have and don’t need.
Highlighted by 33,840 Kindle readers
Having a strong sense of controlling one’s life is a more dependable predictor of positive feelings of wellbeing than any of the objective conditions of life we have considered.
Highlighted by 28,306 Kindle readers
financial success is not a hard science. It’s a soft skill, where how you behave is more important than what you know.
Highlighted by 24,427 Kindle readers
Therefore, focus less on specific individuals and case studies and more on broad patterns.
Highlighted by 22,751 Kindle readers

From the Publisher

Morgan Housel, The Psychology of Money, Wall Street Journal, Bestseller, Housel, Wall Street Journal

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Review

"It’s one of the best and most original finance books in years." -- Jason Zweig, The Wall Street Journal

"The Psychology of Money is bursting with interesting ideas and practical takeaways. Quite simply, it is essential reading for anyone interested in being better with money. Everyone should own a copy." -- James Clear, Author, million-copy bestseller, Atomic Habits

"Morgan Housel is that rare writer who can translate complex concepts into gripping, easy-to-digest narrative. The Psychology of Money is a fast-paced, engaging read that will leave you with both the knowledge to understand why we make bad financial decisions and the tools to make better ones." -- Annie Duke, Author, Thinking in Bets

"Housel's observations often hit the daily double: they say things that haven't been said before, and they make sense." -- Howard Marks, Director and Co-Chairman, Oaktree Capital & Author, The Most Important Thing and Mastering the Market Cycle

"Morgan Housel is one of the brightest new lights among financial writers. He is accessible to everyone wanting to learn more about the psychology of money. I highly recommend this book." -- James P. O’Shaughnessy, Author, What Works on Wall Street

"Few people write about finance with the graceful clarity of Morgan Housel. The Psychology of Money is an essential read for anyone who wants to make wiser decisions or live a richer life." -- Daniel H. Pink, #1 New York Times Bestselling Author of When, To Sell Is Human, and Drive
Review

About the Author

Morgan Housel is a partner at The Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal.

He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. He lives in Seattle with his wife and two kids.

Product details

Publisher ‏ : ‎ Harriman House (Sept. 8 2020)
Language ‏ : ‎ English
Paperback ‏ : ‎ 256 pages
ISBN-10 ‏ : ‎ 0857197681
ISBN-13 ‏ : ‎ 978-0857197689
Item weight ‏ : ‎ 1.05 kg
Dimensions ‏ : ‎ 14.1 x 1.91 x 21.46 cm

Best Sellers Rank: #9 in Books (See Top 100 in Books)
- #1 in Wealth Management
- #1 in Money & Monetary Policy Economics
- #1 in Occupational & Organizational Phychology (Books)

Customer Reviews:
4.7 79,255 ratings

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Morgan Housel

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Morgan Housel is a partner at The Collaborative Fund. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. He lives in Seattle with his wife and two kids.

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Top reviews from Canada

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Peter A.

Financial intelligence

Reviewed in Canada on May 18, 2024

Verified Purchase

Great, great read. Very insightful and easy to understand. The author has a unique way of writing that is super humble , I am a fan

4 people found this helpful

Helpful

Jackson

Unlock the psychology behind your personal finances

Reviewed in Canada on April 5, 2023

Verified Purchase

"The Psychology of Money: Timeless lessons on wealth, greed, and happiness" is a thought-provoking book that provides valuable insights into the psychology behind personal finance. The author, Morgan Housel, presents a refreshing perspective on money and how it intersects with our lives, both practically and emotionally.

What stood out most to me was the engaging writing style, which made complex concepts easy to understand. Housel uses real-world examples to illustrate his points, making the book relatable and relevant. Additionally, the author's focus on the behavioral aspect of personal finance, rather than just the technical aspect, is insightful and refreshing.

However, if you are like me you may have expected some sort of actionable advice on managing money, this was not the case. While it provides a valuable understanding of the psychology behind money, it does not offer specific tips or strategies for managing one's finances.

I read this book on the Amazon Kindle Paperwhite, and it was a very enjoyable and seamless read on the device, showing that it was well adapted to the e-reader.

Overall, "The Psychology of Money" would be best suited for readers who are interested in understanding the intersection between money and psychology. It would be particularly useful for those who may struggle with managing their finances or those who are seeking a new perspective on personal finance. The book is a great read for those who want to gain a deeper understanding of the emotional and psychological drivers behind our financial decisions. This is a staple in a collection for building a better financial mindset.

34 people found this helpful

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Sadegh Hasanpour

quick review of decision making about money

Reviewed in Canada on January 20, 2024

Verified Purchase

I like the book. It gave a perspective of to be financially successful is to be patient. There are some great examples of how things can go horribly wrong if you don’t manage your greed.

However I found some chapters are very generic a general ( chapter about story). There are some over generalizations here and there.
Overall it’s a good book to read

2 people found this helpful

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Frank

Must read book with timeless lessons

Reviewed in Canada on December 14, 2023

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Great insights and lessons for all. Psycholology of Money: Timeless Lessons on Wealth, Greed and Happiness by Morgan Housel is a timeless work about how our feelings, emotions and interactions with money often results in different outcomes for different people – because people are different. So, insights into how to think and behave about money is instructive. The author explains in an easy way to understand for the reader financial concepts that should be thought in school.

Simple read, goes into short stories about finance geniuses and failures who we can all learn something from based on their behavior and what got them to be successful or fail in the finance realm. Touches on some key points and strategies when it comes to finance and investments and what one can actually accomplish to succeed with investments and finances. Very condensed, definitely worth a read if you are looking to learn some basics as well as important strategies to manage your earnings.

10 people found this helpful

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Kobi

Wish I read this book sooner as an investor

Reviewed in Canada on April 6, 2024

Verified Purchase

Very solid book that gives you the opportunity to think critically as an investor. I've read a lot of investing books and very few of them push you to think. Every investing book tells you that their strategy is the best or argues where their strategy is more preferred, but the reality is that everyone's lives and situations are different. As investor you have to look at your own situation and invest according to what will work for you. As explained in the book you always want to be careful who you take advice from, because often times people are playing a different game than you and taking that advice can lead you down a rough path.

5 people found this helpful

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Wisedoll

Great foundation read

Reviewed in Canada on January 28, 2024

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If you’re looking to learn more about finances this is a great book to add to your library. It provides a unique perspective towards to understanding how the financial world works and how psychology plays a huge factor in this realm. Furthermore it indirectly helps to (re)build self-confidence towards how one looks and “feels” about their financial situation (past, present and future).

The author does an eloquent job to present the material in a way that make it easy to digest and apply what they read.

7 people found this helpful

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Nigel, BC, Canada

Great book, should be mandatory reading for all grade 12 students.

Reviewed in Canada on January 5, 2024

Verified Purchase

One of the best books, if not the BEST book I have read on how to manage money, and how it works.
I wish I had read this book 40 years ago. I honestly believe this should be recommended reading for all senior high school students. Great insights, easy to understand, and a very interesting read. Something that is rare for the books that cover these topics.

I Gifted a copy to my daughter and her husband, will be interesting to hear what they think.

9 people found this helpful

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navid rikhtegar

Amazing book

Reviewed in Canada on April 11, 2024

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I think everyone who needs to read this book. It explains the most complicated concepts in investing in the simplest and most understandable way.

5 people found this helpful

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Cliente Amazon

Daqueles livros que mudam a nossa vida

Reviewed in Brazil on May 20, 2024

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Excelente abordagem sobre a nossa relação com o dinheiro mas vai muito além... As reflexões sobre propósito, liberdade e independência são sensacionais. Baita livro que já está no meu top 3.

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Javier MarDom

Excelente libro

Reviewed in Mexico on April 16, 2024

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Este libro realmente te hace cuestionar tu relación con el dinero y la manera en que nuestro comportamiento influye en nuestras finanzas. De fácil lectura y muy bien explicado

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Larry Frank

Timeless nuggets of wisdom

Reviewed in the United States on August 24, 2021

Verified Purchase

Psycholology of Money: Timeless Lessons on Wealth, Greed and Happiness by Morgan Housel is a timeless work about how our feelings, emotions and interactions with money often results in different outcomes for different people – because people are different. So, insights into how to think and behave about money is instructive.

You may think you don’t have enough money to make a difference for your future. I think this book will show you, how even with those thoughts, that you can.

Others may believe they have more than enough. Those too are risky thoughts and beliefs.

Because people are different, everyone should read this book to see what you uniquely learn about yourself and how you should think about money.

Chocked full of great insights to guide us all.

Quotes that hit home from various chapters are presented below. There are many more quotes possible, but then you’d miss the message between each quote. I strongly suggest getting the book to see how these below snippets string together into a powerful story about how we think and behave towards money matters.

Quote:
• Your personal experiences with money make up maybe 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works.
• Luck and risk are siblings.
• Yes, but I have something he will never have … enough.
• There is no reason to risk what you have and need for what you don’t have and don’t need.
• The hardest financial skill is getting the goalpost to stop moving.
• $81.5 billion of Warren Buffett’s $84.5 billion net worth came after his 65th birthday.
• Buffett began serious investing when he was 10 years old.
• His skill is investing, but his secret is time. That’s how compounding works.
• But good investing isn’t necessarily about earning the highest returns, because the highest returns tend to be one-off hits that can’t be repeated. It’s about earning pretty good returns that you can stick with and which can be repeated for the longest period of time. That’s when compounding runs wild.
• Getting wealthy vs. staying wealthy.
• Getting money is one thing. Keeping it is another.
• Planning is important, but the most important part of every plan is to plan on the plan not going according to plan.
• No one is impressed with your possessions as much as you are.
• When you see someone driving a nice car, you rarely think, “Wow, the guy driving that car is cool.” Instead, you think, “Wow, if I had that car people would think I’m cool.”
• Humility, kindness, and empathy will bring you more respect than horsepower ever will.
• Spending money to show people how much money you have is the fastest way to have less money.
• Money has many ironies. Here’s an important one: Wealth is what you don’t see.
• Past a certain level of income people fall into three groups: Those who save, those who don’t think they can save, and those who don’t think they need to save.
• Building wealth has little to do with your income or investment returns, and lots to do with your savings rate.
• The value of wealth is relative to what you need.
• Past a certain level of income, what you need is just what sits below your ego.
• People’s ability to save is more in their control than they might think.
• Things that have never happened before happen all the time.
• The thing that makes tail events easy to underappreciate is how easy it is to underestimate how things compound. How, for example, 9/11 prompted the Federal Reserve to cut interest rates, which helped drive the housing bubble, which led to the financial crisis, which led to a poor jobs market, which led to tens of millions to seek a college education, which led to [over a trillion dollars] in student loans with [a high percentage of default rates].
• The correct lesson to learn from surprises is that the world is surprising.
• The most important part of every plan is planning on your plan not going according to plan.
• The purpose of the margin of safety is to render the forecast unnecessary.
• The End of History Illusion is what psychologists call the tendency for people to be keenly aware of how much they’ve changed in the past, but to underestimate how much their personalities, desires and goals are likely to change in the future. [Thus, their history of change won’t change anymore into their future].
• Every job looks easy when you’re not the one doing it.
• Successful investing looks easy when you’re not the one doing it. Hold stocks for the long run … but do you know how hard it is to maintain a long-term outlook when stocks are collapsing?
• Price … not dollars and cents … it’s volatility, fear, doubt, uncertainty … all of which are easy to overlook until you’re dealing with them in real time.
• Beware of taking financial cues from people playing a different game than you are.
• When investors have different goals and time horizons – and they do in every asset class – prices that look ridiculous to one person can make sense to another, because the factors those investors pay attention to are different.
• The interesting thing about [absolutely pessimistic] stories is that their polar opposite – forecasts of outrageous optimism – are rarely taken as seriously as prophets of doom.
• Pessimism just sounds smarter and more plausible than optimism.
• …progress happens too slowly to notice, but setbacks happen too quickly to ignore.
• The more you want something to be true, the more likely you are to believe a story that overestimates the odds of it being true.
• We don’t know what we don’t know.
• Coming to terms with how much you don’t know means coming to terms with how much of what happens in the world is out of your control. And that can be hard to accept.
• Less ego, more wealth.
• If you want to to do better as an investor, the single most powerful thing you can do is increase your time horizon.
Unquote.

There’s a lot of wisdom alone in the various quotes above. There’s even more wisdom reading how they string together to see the larger story line to understand your psychology of money applied in your own life.

Each person reading Housel’s work will get something different out of it than someone else. And each time you read it (I suggest more than once) you too will get yet still something else out of it.

326 people found this helpful

Fernando Oliveira

Fantastica leitura de refleção sobre dinheiro

Reviewed in Spain on July 4, 2024

Verified Purchase

Facil de ler, fantastica refleção sobre como usamos e pensamos no dinheiro e formas de investir e de pensar em como investir dinheiro

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Amazon Customer

Good

Reviewed in India on June 25, 2024

Verified Purchase

Simple, easy to understand and good examples make it a worthy read. Interesting narration made it a good book to read

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